Posted on 10/24/2010 6:01:16 PM PDT by freespirited
Patrice Hill, chief economic correspondent for The Washington Times, reports that while the down economy has caused the rest of America to struggle, Washington, D.C., is flourishing.
While America has lost 8.3 million jobs since the beginning of the recession, the Washington metropolitan region has lost only 35,000.
And by August 2009, not only were all 35,000 of those jobs recovered, but 20,000 new ones were added — and thousands more have been added since.
Thus, while the jobless rate hovers near 10% nationally, it's around 6% in D.C., the lowest among America's 49 largest metro areas.
When times are good in America, they're better in Washington.
When times are bad in America, they're better yet in Washington, where policymakers borrow and pass out billions.
That's why, says the Brookings Institution, D.C. has grown grew nearly 7% since the recession began in December 2007.
It's also why people and organizations are flocking to the region. Its population has been growing by about 100,000 a year.
Most Fortune 500 companies have a presence here, happily snapping up large government contracts of every kind.
Federal contracts pump $84 billion into the D.C. economy every year — revenue that produces lots of good-paying private-sector jobs, too.
Which is why I accepted a temporary assignment in the region.
In addition to writing this column, I contract out my writing services. Unlike much of the rest of America, business is brisk in D.C.
Shortly after I arrived, I was contacted by a headhunter to see if I was interested in another assignment with a large quasi-government agency that is receiving billions every month in taxpayer-funded bailout dough.
I told the headhunter I could never work for such an organization, but was curious about the salary. When he told me, I nearly fell off my wallet.
(Excerpt) Read more at pittsburghlive.com ...
Still, most people here are still employed and they aren't buying and selling houses at the previous rate. That's because banks are not making loans ~ unless you have some substantial equity to play with.
Funniest thing, folks in the DC area lost massive amounts of equity just like everyone else.
Meanwhile, how many people in the District have never in their lives held a job?
And this is the problem.
Obviously the people writing this are looking at figures and not talking to people. I know many people out of work in the DC area. They have been looking for months and months without even getting an interview. A new Wegmans opened up by me with some small stores around it as well, I’m guess that is where many hundreds of jobs that count as added come from.
The value of my home has dropped almost 50% from the high in 2007. Sounds like an economic paradise to me *sarcasm*
They did. And they lost it the moment they signed on the property, because the prices now (and what they are dropping to) represent the true value of the property.
It takes a Keynesian view of economics to mess up this bad with so much money.
Quite true. $100+K salaries for government workers in DC (13/14/15 levels) are commonplace, if not typical. Benefits are second to none. Most contractors rake in good money too. Washington DC is basically a gigantic trough of money that is constantly replenished from taxpayers around the country. Of course this leads to monumental waste and corruption. As Will Rogers famously said: we have the best government money can buy.
I live in the WDC area. Please, Citizen...move along. There is nothing to see here. Please shut up, get to work and pay your taxes. Bwahahahahahahahahahahahaha!
The prices are GOING BACK UP!
While America has lost 8.3 million jobs since the beginning of the recession, the Washington metropolitan region has lost only 35,000. And by August 2009, not only were all 35,000 of those jobs recovered, but 20,000 new ones were added -- and thousands more have been added since.Thanks freespirited.
I smell a mass layoff coming to the capitol on Nov. 2. I’ll just love it when Nancy Pelosi loses her job.
A recession is when your neighbor looses his job.
A depression is when you lose your job.
And a recovery is when Pelosi/Reid/Obama lose theirs.
Any capital city will be protected against many of the economic downturns; Washington is no exception in that regard.
As for federal workers making more than 100K, what’s wrong with that? 100K doesn’t have much purchasing power (particularly in real estate) in the high-priced Washington region. Even 150K means you’re basically just living paycheck to paycheck.
Go pound sand.
Everyone who is unemployed should try for a job in DC, but live in Virginia. Just some good advice. Go where the jobs are but live where the conservatives live.
How many people do you know outside of government that make $100K-$150K who have exceedingly generous benefits, abundant paid time off, a lucrative retirement and absolute job security all courtesy of taxpayers, most of whom could never dream of having such a cushy job? If $150K only allows you to live paycheck to paycheck, why is that salary in the top three steps of a senior level GS-15? Are all the rest of the lower paid folks just scraping by? I doubt it.
100K doesn’t have much purchasing power (particularly in real estate) in the high-priced Washington region. Even 150K means you’re basically just living paycheck to paycheck.
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